respectes sir/madam
hai
if on joining salary of any employee is Rs 6501.00 (Gross) will itbe a member plz make clear related to Act & in practice ? And is any max limit Rs 10000.00 for membership in PF
thanks
prem
email ID:
From India, Delhi
hai
if on joining salary of any employee is Rs 6501.00 (Gross) will itbe a member plz make clear related to Act & in practice ? And is any max limit Rs 10000.00 for membership in PF
thanks
prem
email ID:
From India, Delhi
Actly the thing goes like this........
EPF is calculated on the basis of Basic + DA
But gross may consist of Basic+DA+HRA and other allowances
So, if the basic+da is less than 6501, he is a member of epf
But the thing is that, you can give the whole amounr as consolidated pay and then exempt him
No, there is no maximum limit for epf, the maximum limit for esi is rs. 15,0000.00
From India, Kochi
2EPF is calculated on the basis of Basic + DA
But gross may consist of Basic+DA+HRA and other allowances
So, if the basic+da is less than 6501, he is a member of epf
But the thing is that, you can give the whole amounr as consolidated pay and then exempt him
No, there is no maximum limit for epf, the maximum limit for esi is rs. 15,0000.00
From India, Kochi
Hi,
The eligibility for PF is ( Basic + DA ) upto Rs 6500/-, it is compulsory for employers to deduct PF provided there are atleast 20 employees.
For employees earning above Rs 6500/- it is at the discretion of the company to deduct PF.
There are two possibilities in this case.
E.G. Suppose an employee gets a basic+ DA of Rs 15000.
The employer can deduct 12 % ( 8.33 % + 3.67 % ) on Rs 15000.
OR
The employer can limit the deduction to Rs 6500/-.
Attached file gives you various scenarios.
Regards/Shweta Nair
From India, Mumbai
The eligibility for PF is ( Basic + DA ) upto Rs 6500/-, it is compulsory for employers to deduct PF provided there are atleast 20 employees.
For employees earning above Rs 6500/- it is at the discretion of the company to deduct PF.
There are two possibilities in this case.
E.G. Suppose an employee gets a basic+ DA of Rs 15000.
The employer can deduct 12 % ( 8.33 % + 3.67 % ) on Rs 15000.
OR
The employer can limit the deduction to Rs 6500/-.
Attached file gives you various scenarios.
Regards/Shweta Nair
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
No contribution on salary exceeding statutory limit under EPS 8.11.2013.pdf
Salary-Note.doc
SALARY SHEET CALCULATION.xls